Silver ETF Gains Nearly 3% Despite Afternoon Slide

Related Quotes

SymbolPriceChange SLV

44.12	+1.12

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The iShares Silver Trust (NYSEArca:SLV) closed up nearly 3% in a volatile day of trading Wednesday following reports that the exchange traded fund (ETF) has moved to so-called hard to borrow status as Goldman Sachs.

CNBC pointed out the move lower in the silver ETF on Wednesday afternoon. Earlier, blog Zero Hedge reported iShares Silver Trust was tagged hard to borrow at Goldman Sachs, which it said pertains to Goldman Prime Broker clients.

Stocks and ETFs are more difficult to short, or bet against, if traders can’t borrow shares.

The silver ETF sold off in the early afternoon but then rallied strong into the close, gaining almost 3% on the session.

The iShares Silver Trust came into Wednesday with a 42.5% year-to-date gain.

iShares Silver Trust

Full disclosure: Tom Lydon’s clients own SLV.